Despite the slowed economic growth recorded in the year, the Insurance Industry recorded a +10.7% growth in premiums during the period to September 2017 compared to 7.2% in similar period of 2016.
Life Insurance segment grew +16.9% compared to general insurance segment that grew by 7.2%
General insurance accounted for 62.3% of 160.6b of premiums collected as at the end of September 2017
NASI +28.4% versus [8.5%] in 2016
FTSE bond Index +16.5% from [0.2%] in 2016
New Risk based capital requirements which come into full effect in June 2020
Life Insurance Business gross written premium declined by 2% to 4.3b from 4.4b in 2016
General Insurance business underwriting profit of 40m. Gross written premium grew by 115%. from 1b to 2.15b
Investment returns increased 6,634% to 61m

Key Features
Profit before Tax 153m versus [2016:-145m]
Total Assets +5% 29.8b
Group embedded Value increased to 5.2b [2016 4.7b] +10.3% over 6 months
The main regulatory development in the insurance sector was the gazettement of The Statute Law Act 2017 postponing the effective date of complying with the new capital requirements to June 2020
Life insurance
Gross written premiums increased by 1% to 2.3b
Investment portfolio earnings increased by 20% to 1.4b in 2017 driven by higher revaluation gains from mark to market investments
Life insurance business operating profit of 259m versus 106m in 2016
General Insurance
Gross written premiums grew by 225% to 1.3b
The loss ratio in H1 2017 was within expectations but slightly above the comparable period due to a higher claims experience in the medical line of business
Operating expenses were negatively affected by an increase in bad debt provisions
The integration of SEM asset management businesses in the region has commenced reference Pinebridge

Life Insurance Gross written premium declined by 5% to 4.4b from 4.6b in 2015
retail business was impacted by the expected effects of streamlining the distribution channels and agency force aimed at improving productivity going forward
Investment Portfolio earnings increased by 50% to 2.1b in 2016 driven by good investment returns
General Insurance gross written premium grew by 58%
Income from property sales declined due to a depressed property market
Asset Management Fee income increased by 31%
No Dividend

The Group recorded a loss before tax of -145m for the six months ended 30th June 2016, compared to a profit of 412m for the same period in 2015.
This is mainly attributable to lower income from property sales, marked to marketfair value losses on equity investments, an increase in expenses related to the implementation of the new Group strategy and negative persistency experience in the life book.
Portfolio earnings increased by 98% from 607m to 1.2b in 2016.

Dividends
Cash and cash equivalents at the end of the year 3.916168b vs. 3.981296b -1.636%

Company Commentary

-95% decline in FY Profit before Tax
The Asset Management and property businesses exceeded 2014 operating profit levels whilst the life insurance and Loans businesses
performance declined.
Newly acquired General Insurance business also under performed.
Life Insurance business was negatively impacted by challenges experienced with our distribution network from Q3 2014 to Q3 2015
No Dividend